Publication
Selling a Business for Maximum Value in a Challenging M&A Market
https://www.toptal.com/management-consultants/interim-cfos/selling-a-business-best-practices
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William B. Doyle, Jr.
Verified Expert in Management Consulting
Management Consulting Expert
Menlo Park, United States
Toptal member since February 7, 2018
Bio
A Princeton engineering and Stanford MBA graduate, Bill has managed growth businesses, turned around struggling operations, served as CFO, and completed 27 investment, sale, and financing transactions totaling $1.3 billion. He is freelancing to achieve success for clients who need to raise capital, complete M&A transactions, and surmount business challenges.
Career Highlights
President, CFO, and Director
Business Recovery Services, Inc.
Managing Member
Doyle & Boissiere LLC
Education Highlights
Master of Business Administration Degree (MBA)
Stanford University
Certificate in Economics
Princeton University, Woodrow Wilson School of Public and International Affairs
Bachelor's Degree
Princeton University
Case Studies
$63 Million Solar Panel Plant Financial Model
Three-statement ModelingProject FinanceAccountingEquipment FinanceVenture DebtIndustrial & Manufacturing+ 3 more
Venture Financing Pitch Deck for a First Responder SaaS Solution
Venture FundingVenture CapitalEquity InvestmentPrivate Equity ValuationGrowth Capital RaisingBusiness Planning+ 2 more
Business Plan for a $150 Million U.S. Solar Panel Manufacturing Joint Venture
Business PlanningProject FinanceVenture DebtStrategic Planning & ExecutionOperating ModelsInvestment Strategy+ 4 more
Industry Expertise
- Accounting Services
- Education
- Finance
- Investment Banking
- Venture Capital & Private Equity
- Manufacturing
- Aerospace & Defense
- Fintech
Other Expertise
- Capital Raising
- Mergers & Acquisitions (M&A)
- Private Equity
- Three-statement Modeling
Work Experience
Senior Advisor
2014 - PRESENT
The Perreault Birmingham Group
- Raised $1.5 million in debt capital for a client in the educational technology industry seeking to transition from licensing to mobile delivery.
- Authored offering memorandums for capital raises ranging from $3 million to $30 million.
- Proposed and analyzed merger and capital structure options for a client providing enterprise software to Bank of America, Banamex, and other major financial institutions worldwide.
- Identified and screened lower middle market acquisition candidates nationwide for a buyout group client.
- Devised a defense strategy that combined adjusting Board structure and raising capital, and anticipated a potential litigation forcing the sale of a client to the company affiliated with the client's founder. This strategy forced the founder to back off without litigation or prolonged management distraction.
Focus areas: Private Equity Valuation, Company Strategy, Financial Benchmarking, Business Planning, Growth Capital Raising, Mergers & Acquisitions (M&A)
Managing Member
2013 - PRESENT
Hawkins Doyle Partners LLC
- Advised an online wholesaler and retailer of niche consumer hardgoods growing at 35% annually on its operating and capital structure.
- Created a three-statement financial model for raising $8 million in debt capital. Advised the management in negotiating terms of the new bank debt.
- Developed and presented a $3 million venture equity pitch for StationCheck, a SaaS platform serving first responders.
- Led discussions with the seller of a potential $9 million acquisition for a software client.
- Identified and initiated contact with fifteen prospective acquisition targets in the western United States.
- Built relationships with providers of equity and debt financing for private middle market companies.
Focus areas: Company Strategy, Mergers & Acquisitions (M&A), Business Planning, Financial Planning & Analysis (FP&A), Strategic Planning & Execution, Three-statement Modeling, Private Equity, Capital Raising
President, CFO, and Director
2011 - PRESENT
Business Recovery Services, Inc.
- Added new payment processing lines of business, shifted sales channels, negotiated and closed new contracts, and reduced operating costs as the company lost 85% of its revenues over two years as its core disaster recovery services for financial institutions faced industry-wide technical obsolescence. New customers replaced and exceeded lost revenues, annual growth reached 18%, and EBITDA margin grew to 14%.
- Implemented financial controls and procedures that included expenditures planning and control procedures, and implemented GAAP financial standards.
- Built and operated 52-week cash receipts and disbursements schedule.
- Created financial and operating models for internal business information and external funding.
- Identified, contacted, and closed strategic relationships with industry partners and customers to position the company as an integrated funds transfer partner to its customers, rather than as a single-line commodity processor.
- Added a new line of business automating processing invoices (for clients making payments) to complement remittance processing (for clients receiving payments). This broader line of services mobilizes customers' cash and raises the level of strategic sale within customer organizations.
- Applied lean management principles to combine flexibility, efficiency, reliability, and quality in payments processing for multiple mid-sized customers.
Focus areas: CFO, Controls, Accounting, Accounts Receivable, Investments, Business Planning, Zero-based Budgeting, Financial Planning & Analysis (FP&A), Mergers & Acquisitions (M&A), Revenue Management, Financial Management, Market Opportunity Analysis, Accounts, Three-statement Modeling
Interim CFO and Advisor
2017 - 2017
Sunpreme, Inc.
- Created legal and capital structure for a major new U.S. manufacturing operation that builds on Sunpreme's solar technology expertise and expanded the company's manufacturing beyond its Chinese pilot plant.
- Identified strategic and capital partners to finance the more than $25 million project and provide complementary production including glass substrates, digital electricity phase inverters and power optimization systems.
- Built a flexible, integrated three-statement financial model for the establishment and operation of the project under various scenarios.
- Set out capital terms, structure, and projected returns for debt, equity, and strategic investors.
Focus areas: Interim CFO, Three-statement Modeling, Company Strategy, Business Planning, Investments, Capital Structuring, Equity Valuation, Venture Debt, Equipment Finance, Capital Raising, Project Finance
Managing Member
1995 - 2011
Doyle & Boissiere LLC
- Raised and managed a $100 million private equity fund.
- Identified, negotiated, and completed equity investments in privately held U.S. companies, including five platform investments and four add-on acquisitions. The investment strategy focused on under-performing middle market companies that could improve operating performance. Main industries included snack foods, precision aerospace components, nutraceuticals, hotel softgoods, and branded apparel licensing.
- Combined operating advice with capital to support growth and profitability of portfolio companies. The companies experienced growth ranging from 20% to 300%, with improved profitability in all of the companies averaging 35%.
- Achieved successful exits from investments, including sales to General Electric, Warnaco, an Indian textile manufacturer, and a privately-held U.S. nutraceuticals marketer. Exit transactions ranged from $15 million to $55 million.
Focus areas: Revenue & Expense Projections, Three-statement Modeling, Financial Restructuring, Private Equity Valuation, Company Strategy, Investment Summaries, Investment Decision-making, Investment Monitoring, Mergers & Acquisitions (M&A), Debt Raises, Capital Structure Optimization, Private Equity
Head of Turnaround Investments and Portfolio Management
1992 - 1995
Govett, Ltd.
- Launched a new investment strategy focused on under-performing middle market companies. Sourced, structured, and closed $30 million in debt and equity investments in privately-held companies in apparel licensing, frozen food distribution, and furniture manufacturing.
- Oversaw an investment portfolio of equity and mezzanine debt investments in 80 companies. Designed and oversaw operating changes in portfolio companies to improve financial performance.
- Recruited CEOs and CFOs for portfolio companies.
- Negotiated refinancing of over $70 million of equity and debt capital.
- Restructured organization and capitalization of an enterprise software firm with $30 million in revenues to restore profitability and growth.
- Sold portfolio companies to financial and strategic buyers for cash and securities consideration ranging from $5 million to $35 million.
Focus areas: Investment Monitoring, Investment Decision-making, Investment Memoranda, Investment Summaries, Financial Options, Mergers & Acquisitions (M&A), Asset-based Lending, Financial Restructuring, Private Company Valuation, Private Equity
Vice President
1987 - 1992
Alex. Brown & Sons, Inc.
- Advised Telecredit, a publicly-traded payments processing services firm, in its $513 million sale to Equifax.
- Executed sales of privately-held technology companies with proceeds exceeding $400 million.
- Assisted in preparing and executing public equity offerings (IPOs and follow-on offerings) that raised over $70 million for software and services clients.
- Provided additional investment banking services as a member of the firm's software and services team, including valuation analyses, fairness opinions, and advice on financial structuring and capital raising.
- Developed and utilized leveraged buyout financial models that incorporated three statement financial statements and projections, sources and uses of funds, acquisition accounting, capital structure, investment returns, covenant coverage and other metrics.
Focus areas: Corporate Finance, Three-statement Modeling, Fairness Opinion Reports, Growth Capital Raising, Growth Equity, Valuation Modeling, Equity Offerings, Mergers & Acquisitions (M&A)
Production Manager
1985 - 1987
Allied-Signal, Inc.
- Managed manufacturing operations for a newly-acquired, 350-employee French subsidiary of Allied-Signal's computer accessories unit based in Des Moines, IA. Integrated management efforts and converged business practices according to the requirements of the U.S. parent as the sole American in the French company.
- Prepared and oversaw first physical inventory of the newly acquired business, remedied sourcing challenges to production rates, liquidated excess inventory, and managed controls and processes that reduced manufacturing and delivery cycle from 10 weeks to 10 days.
- Reorganized the product line from 3,500 to 1,100 stock-keeping units (SKUs). Outsourced injection molding, production equipment construction, and printing lines of business to reduce 210 production personnel to 120. Raised EBITDA margin from a negative 10% to 13%.
- Implemented quality control and safety procedures at the corporate level, with returns of defective products dropping by 35%.
- Helped create constructive work conditions that led workers to reject a unionization drive and supported rebounding sales.
Focus areas: Inventory Management, Price Analysis, Pricing Strategy, Cost Reduction & Optimization (Cost-down), Management Accounting
Summer Associate
1984 - 1984
Goldman, Sachs & Co.
- Analyzed the business fit, financial value, and acquisition appetite of potential acquirers for a consumer products portfolio company of a major LBO firm with $80 million in revenue.
- Participated in the preparation of follow-on public equity offering of a retail jeweler, including the detailed update of financial projections, participation in "red herring" drafting, and preparation of roadshow PowerPoint presentation.
Focus areas: Corporate Finance, Mergers & Acquisitions (M&A)
Research Analyst
1981 - 1983
McKinsey & Company
- Conducted marketing and strategic analyses of industries including oilfield services and industrial controls.
- Rebalanced oilfield equipment manufacturing operations to respond to anticipated backlog reductions.
- Developed acquisition strategy and identified takeover candidates in the electronic power supplies industry.
- Conducted in-person market research and generated tactics to penetrate the U.S. oilfield equipment market for a European manufacturer.
Focus areas: Analysis of Variance (ANOVA), Data Analysis, Pricing Strategy, Market Opportunity Analysis, Market Research
Other Experience
Education
1983 - 1985
Master of Business Administration Degree (MBA) in General Management
Stanford University - Stanford, CA, USA
1979 - 1981
Certificate in Economics in Public Policy
Princeton University, Woodrow Wilson School of Public and International Affairs - Princeton, NJ, USA
1977 - 1981
Bachelor's Degree in Civil Engineering
Princeton University - Princeton, NJ, USA
Skills
Finance
Corporate Finance, Fundraising, CFO, Private Equity, Financial Restructuring, Capital Raising, Investment Thesis, Three-statement Modeling, Growth Capital Raising, Capital Structuring, Mergers & Acquisitions (M&A), Growth Equity, Balance Sheets, Statement of Cash Flows, Cash Flow, Balance Sheet Calculation, Private Equity Valuation, Financial Systems, Financial Reporting, Debt Raises, Cash Management, Accounting, Cost of Capital, Market Opportunity Analysis, Financial Management, Revenue Management, Financial Planning & Analysis (FP&A), Zero-based Budgeting, Project Finance, Equipment Finance, Venture Debt, Equity Valuation, Financial Benchmarking, Capital Structure Optimization, Investment Monitoring, Investment Decision-making, Investment Summaries, Revenue & Expense Projections, Private Company Valuation, Asset-based Lending, Financial Options, Investment Memoranda, Equity Offerings, Valuation Modeling, Fairness Opinion Reports, Management Accounting, Cost Reduction & Optimization (Cost-down), Pricing Strategy, Price Analysis, Market Research, Data Analysis, Equity Financing, Venture Funding
Output Software
Microsoft Word, Excel 2016, Microsoft PowerPoint
Industry Expertise
Technology, Financial Services, Industrial & Manufacturing, Aerospace & Defense, Alternative Energy, Education Technology (Edtech), Venture Capital
Geographic Expertise
United States
Other
Strategy, Corporate Restructuring, Business Planning, Product Licensing, Manufacturing, Company Strategy, Market Research & Analysis, Financials, Management, Growth Strategy, P&L Management, Balance Sheet Optimization, Accounts Receivable, Equity, Market Assessment, Business Strategy, Strategic Planning & Execution, Equity Investment, Strategy Planning, Cost Control, Change of Control, Accounts Payable, Finance Director, Managerial Finance, Finance, Emerging Growth Companies, Supply Chain, Income Statements, Debt Financing, Fintech, Investment Banking, Restructuring, Accounts, Investments, Controls, Interim CFO, Inventory Management, Analysis of Variance (ANOVA), Operating Models, Investment Strategy, Pitch Presentations, SaaS, Investment Cases, Strategic Partnerships, Software Equity, Information Security
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